March 11, 2019 10:23am
BTX is UP +$0.055 or +4.198% to $1.365
BTX now has 151,579,482 M shares or 84% of the combined company, and prior Asterias stockholders collectively owning approximately 16% of the combined company
Post-closing, two members of the AST Board of Directors, Don Bailey, the former Chairman of Asterias’ Board and Michael Mulroy, the former CEO of Asterias will be serving on the BioTime Board of Directors. BioTime will continue to be led by the Company’s current management team.
Brian M. Culley, CEO of BTX stated “we expect to enjoy significant financial synergies from this merger as we already have a cGMP manufacturing facility in Jerusalem, Israel, which has successfully produced our projected needs for the next clinical trial of OpRegen® and which now can turn to process development and scale-up activities for the former Asterias assets. We also look forward to continuing our partnerships with notable institutions such as CIRM, the California Institute for Regenerative Medicine, and Cancer Research UK, to support the clinical development of the OPC1 and VAC2 programs we added to our pipeline.”
- BioTime’s financial advisor in the transaction was Maxim Group LLC.
- Raymond James acted as financial advisor to Asterias.
- Cooley LLP served as legal counsel to BioTime and Dentons LLP served as legal counsel to Asterias